Talenom (TNOM) Q2 2025 earnings summary

Executive summary

• Revenue grew 3.9% year-over-year to €70.7 million in H1 2025, with software business launched under the Easor brand and successful pilot sales to external accounting firms in Finland.

• Comparable revenue up 1.7% to €69.2 million, driven by new customer acquisition in Finland and Spain, supported by an acquisition in Spain.

• Profitability remained solid, though relative margins slightly declined due to growth investments in Finland.

• Strategic focus on scalable growth, core competencies, and leveraging digitalization trends, especially in Spain and Italy.

• Software business separated under the Easor brand, with independent growth strategies for both business lines.

Financial highlights

• Q2 2025 revenue €34.9 million (+3.1%), EBITDA €9.7 million (27.8%), EBIT €3.5 million (10.1%), net income €2.3 million, EPS €0.05.

• H1 2025 EBITDA €20.4 million (28.8% margin), EBIT €8.2 million (11.6% margin), net income €4.8 million, EPS €0.11.

• H1 2025 comparable revenue reached €69.2 million, up from €68.0 million in H1 2024.

• Investments in proprietary software decreased, improving cash flow.

• H1 net cash flow from operations €17.5 million; net investments €10.4 million.

Outlook and guidance

• 2025 guidance unchanged: revenue expected at €130–140 million and EBITDA at €36–42 million.

• Market demand in all operating countries expected to remain stable, with improvement in H2 2025.

• Guidance includes potential M&A and continued industry consolidation driven by digitalization and regulatory changes.